Market Research Report
Global Electronic Health Record (EHR) Market - Forecasts from 2021 to 2026
|Global Electronic Health Record (EHR) Market - Forecasts from 2021 to 2026|
Published: July 7, 2021
Knowledge Sourcing Intelligence
Content info: 114 Pages
Delivery time: 1-2 business days
The global electronic health record market is projected to grow at a CAGR of 7.02% to reach US$60.276 billion by 2026 from US$37.482 billion in 2019. Electronic Health Record is essentially a system used to collect patient health information electronically in a digital format. Other than charting for patients, Electronic Health Records are also used to improve health care outcomes. Ehr combines various types of clinical data and uses the information to bring innovation to the healthcare industry. It eliminates the need of tracking the patient's previous medical records, thereby saves time and cost.
A major reason for the growth of this market is the rising number of hospitals worldwide and the demand for health-related research.
The number of hospitals adopting EHR Solutions across the world has increased rapidly. Hospitals across the world not only perform the function of diagnosis and treatment but also perform the function of biomedical research and technological innovation. With the rapidly increasing population, emr's can be widely used to carry out investigations. Emr will turn out to be a low-cost medium for accessing data on a large population.
The increasing number of hospitals worldwide and the need for research will surely fuel the global emr market.
The rapid increase in digitalization and growing competition worldwide is also projected to positively impact the sales of the EHR Market.
Increasing digitalization in the healthcare industry has lifted the global emr market. The health care industry across the world is planning the full initialization of their enterprises. Technology in the health care industry of Asia has helped in promoting quality healthcare in the remotest area. The need for digitalization is rising in Asia as compared to the other parts of the world as a huge proportion of the population resides in Asia. The bulk of the Asian population is aging and is projected to be benefited from the digital advancement of the health care system. Several Asian countries, such as Singapore, Malaysia, South Korea, and Taiwan are doing very well in the field of health care digitalization. North America holds the largest share in the global digital health care market. This is attributed to the rise in investment, improvement in health care structure, and initiatives taken by the government. According to the Organisation for Economic Co-operation and Development (OECD) Development Centre titled "Start-up Latin America: Promoting Innovation in the Region", the growth in digitalization and innovation in Latin American countries is slower than the countries such as the United States. Digitalization in the health care industry across the globe also includes the digitalization of records. The global emr market is highly competitive. The key players of the market are undergoing constant innovations and using various strategies such as expansions, acquisitions, joint ventures, etc to increase their footprint. This competition has turned out to be pretty healthy and useful for the growth of the market.
The surge of COVID-19 is also bolstering the demand for this market.
According to the word meter, the total number of COVID cases in the world accounts for 179,678,535. As of June 2021, the highest number of deaths were witnessed by India, Iran, Indonesia, and Turkey. Moreover, the third wave of the virus is waiting for the world. With the rising number of cases, the outbreak of coronavirus has given birth to the adoption of telemedicine with greater frequency. The way of treating and diagnosing patients have altered. The lifestyle of people has shifted significantly. The adoption of emr technology has ruled out the need for an in-person doctor's visit. As the need for health care facilities surges, many developing countries are building up their efforts to incorporate emr facilities to track their patient health with efficacy.
The rapidly aging population and the need to curtail the cost is expected to drive the global Electronic Health Record market.
As the spread of diseases is spurting and the population is aging rapidly, Health expenditure is soaring promptly across the world. There is an urgent need to curtail the cost. According to the world health organization, "800 million people spend at least 10 percent of their household budgets on health expenses for themselves, a sick child or another family member. For almost 100 million people these expenses are high enough to push them into extreme poverty, forcing them to survive on just $1.90 or less a day." Incorporating EHR in the hospitals will not only save time and improve efficiency but will also help in reducing the cost for both patients and hospitals. It helps the hospital in cutting down the wasteful expenditure and patients in saving money spent on tests, prescriptions, and reports.
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